McKean Defense Group, LLC Announces Employee Stock Ownership Plan - CBS 5 - KPHO

McKean Defense Group, LLC Announces Employee Stock Ownership Plan

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SOURCE McKean Defense Group, LLC

PHILADELPHIA, Sept. 4, 2014 /PRNewswire/ -- McKean Defense Group, LLC is excited to announce that as of 27 August 2014, the company has established an Employee Stock Ownership Plan (ESOP). The plan transfers 100% ownership to McKean employees through a defined contribution benefit program. The ESOP was announced internally on 4 September 2014.

"The ESOP program allows us to reward our employees for their commitment and hard work, and preserves the collaborative culture that has made us so successful," said Joseph L. Carlini, CEO of McKean. "As we planned for our future growth, we also wanted a long term strategy that allowed us to maintain our executive team and organizational structure." The ESOP will not change company operations. Mr. Carlini remains CEO, and Mr. Larry Burrill and Mr. Leonard DeStefano will remain Presidents of their respective groups.  

McKean is the latest of several federal contracting companies who have made the change to an ESOP structure. Studies have found that companies with ESOPs grow at a higher rate than comparable non-ESOP companies. There are more than 14 million participants in ESOP programs in the United States.

The ESOP, which allows employees to earn stock in the company, is designed as a long-term retirement benefit for the employee owners. It rewards the staff for innovation and strong performance, and helps the company attract and retain experienced and dedicated employees. All other employee programs and benefits will remain constant under the new structure.

Additional Information:

McKean Defense Group, LLC is a Naval Life Cycle Management, Engineering, Enterprise Transformation and Program Management business headquartered in Philadelphia, PA. McKean's engineers, developers, technical staff, programmers, analysts, and program managers identify and deploy new shipboard technologies, integrate information technology across shipboard platforms, and develop strategies to support the Warfighter. McKean's employees create strategic solutions to help customers reach new levels of mission support and transform their organizations. 

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